The U.S. economy added 151,000 jobs in January. Economists expected a gain of 190,000. The unemployment rate, however, fell to 4.9 percent from 5.0 percent.

The job market has been a pillar of strength for the U.S. economy and a key reason that the Federal Reserve was able to hike interest rates, so January's employment report has become even more critical amid new signs the economy has hit a soft patch.

Elsewhere on the data front, consumer credit is set to come out at 3:00 p.m.

In oil markets, Brent crude traded around $34.75 a barrel on Friday morning, up by 1 percent, while U.S. crude was at around $32 a barrel, up 1.13 percent.

On the earnings front, CME Group and Estee Lauder, among others, reported before the bell.